Economics is the study of a lot of things. It is split up into two areas of study, Microeconomics and Macroeconomics. Microeconomics is the study of an individual's choices in the economy and Macroeconomics is the study of the economy as a whole.

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Economics is a science that studies human scarcity

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What is Equilibrium price?

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Equilibrium is the market clearing price. The point at which quantity demanded equals quantity supplied. The point at which the supply and demand curves intersect.

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Equilibrium price*

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Refers to the study of how producers use limited resources to satisfy human unlimited wants